Back to the old style of records

I read once somewhere that the original record labels were run by connesieurs of music, not businessmen. I think that we should get back to that format (although the digital age is taking out all the middlemen, so maybe it's a moot point): I think wealthy people should start their own labels and produce music acts they like and fund them on their first tours.

The person I was thinking of specifically was Larry Page of Google. I thought the label could be called "LP's LPs" or "Page's LPs" or (even more fun) "Larry's LPs."

It occurs to me now, though, that most acts that have talent can get recognized simply by word of mouth. I guess that's one thing that the internet has changed: what "word of mouth" means and how far it can spread in a short time. For instance, a band can play a gig in California and the audience can link to their webpage (where there are free downloads or song samples) and then email all their friends and blog about it and create this instant fever around a band that doesn't have a label and hasn't even toured yet.